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Surgery Partners, Inc. (SGRY) stock

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NASDAQ: SGRY Nasdaq Health Care Facilities Next results ~November 9, 2026

C+ Fundamentals grade

Surgery Partners, Inc. is a US-listed company in the health care facilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Surgery Partners, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: noncontrolling ownership requires a separate cash-flow valuation. We'll show the comparison once resolved.

Surgery Partners, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 6 selling2 purchases and 12 sales by directors and officers, last 12 monthsInsider trades
  • Funds105 adding, 78 cuttingOf 37 active managers that changed their stake, 14 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Surgery Partners files

Where Surgery Partners stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.37bn, up 4.0% on a year earlier, slower than the 5.4% growth a quarter earlier. That puts it 8 of 9 for growth among the health care facilities companies we cover. Free-cash-flow margin held at 5.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 5 financial-health checks.

Our model value for Surgery Partners is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Surgery Partners, Inc.'s trailing-twelve-month revenue grew 4.0% year on year, with a free-cash-flow margin of 5.6%. Where it stands out: stock pay as % of revenue of 0.3% ranks 2 of 12 health care facilities companies we cover. Where it lags: revenue growth of 4.0% ranks 12 of 13 health care facilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 7.0% while net income grew 50.9%: a 44pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Surgery Partners, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 9 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 70% and a beta of 0.8 against the S&P 500.
  • Below peers: revenue growth. Revenue growth of 4.0% ranks 12 of 13 health care facilities companies we cover (median 14.0%).
  • Below peers: days sales outstanding. Days sales outstanding of 67 days ranks 11 of 12 health care facilities companies we cover (median 48 days).
  • Heavily shorted. 21.7% of the shares available to trade are sold short (5.7 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$0.10 against an average estimate of $0.06: beat by 59.6%
Revenue
$849m, up 2.7% on a year earlier
Share reaction
-3.4% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Next report
November 9, 2026; average EPS estimate $0.12

Surgery Partners' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.4%
  • 1 week-0.6%
  • 1 month+73.6%
  • This year+49.6%
  • 1 year+5.4%
  • 5 years-51.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.4B
Operating margin
11.4%
Net margin
-2.6%
EPS (TTM, diluted)
$-0.69

Growth

Revenue growth
+4.0%
Change in growth rate
−1.4 pts
Share count change
+1.3%

Cash

Free cash flow (TTM)
$188M
FCF margin
5.6%
Stock pay % of revenue
0.3%

Earnings

Last results
August 10, 2026
Next results (est.)
November 9, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Agreement
  3. Deal
  4. Results
  5. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Surgery Partners, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: noncontrolling ownership requires a separate cash-flow valuation.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Surgery Partners, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.9 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$2.6 ~$16–$49 Left out: out of range vs price (0.11x)
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: This model is withheld pending its input or assumption review.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Surgery Partners, Inc. with Health Care Facilities in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2015201620182019202020212022202320242025Now
Share price$20.49$15.85$9.79$15.65$29.01$53.41$27.86$31.99$21.17$15.45$23.12
Market value$768m$764m$470m$756m$1.4bn$3.9bn$2.6bn$4.0bn$2.7bn$2.0bn$3.0bn
+ Net debt (− = net cash)$1.2bn$1.4bn$2.1bn$2.5bn$2.6bn$2.6bn$2.4bn$2.6bn$3.1bn$3.5bn$3.5bn
Enterprise value$2.0bn$2.2bn$2.6bn$3.3bn$4.0bn$6.4bn$4.9bn$6.6bn$5.8bn$5.5bn$6.5bn
Multiples
Price / sales 0.8x0.7x0.3x0.4x0.8x1.7x1.0x1.5x0.9x0.6x0.9x
Price / earnings n/m80.8x—————————
Price / free cash flow 15.0x8.9x4.5x13.5x6.9x131.1x32.8x19.6x12.7x10.0x15.8x
EV / EBITDA 11.1x9.2x18.0x10.4x14.3x16.1x10.7x14.9x11.6x9.7x11.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

40 /100

Weak moat

How hard Surgery Partners's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -1.0% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 28.3%, moving by 5.1 percentage points (standard deviation) across 5 years.

  • Durability 9 / 20

    Operating margin has been a median 11.6%; its worst year was 5.5%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 5.5% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 131.0% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, before the open. Analysts expect revenue of $819m and EPS of $0.12 (range $0.10 to $0.13) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.34 −27% $3.2bn −5%
Next $0.17 −51% $2.8bn −11%

Next year's EPS estimate has moved −74.6% in 90 days, across 1 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.06 $0.10 +59.6%
Mar 2026 −$0.14 −$0.03 +77.8%
Dec 2025 $0.30 $0.12 −59.7%
Sept 2025 $0.16 $0.13 −19.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

7 analysts, Oct 2026
Buy457%
Hold343%
Sell00%

Monthly trend

  1. Oct 2026437
  2. Sep 202618312
  3. Aug 202618312
  4. Jul 202618312

Counts of recommendations published by analysts covering Surgery Partners, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
21.7%
of tradable shares
Days to cover
5.68
at average volume
Short interest, 1 month
+11%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
1.8%
of shares
Employees
16,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +5.4%

$21.93 on October 31, 2025 to $23.12

ThenNowEffect
Revenue (last 12 months) $3.2bn $3.4bn +4.0%
P/S multiple 0.9x 0.9x +2.7%
Share count 126m 128m −1.3%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years −7.1%

$24.89 on November 3, 2023 to $23.12

ThenNowEffect
Revenue (last 12 months) $2.7bn $3.4bn +26.5%
P/S multiple 1.0x 0.9x −14.7%
Share count 110m 128m −13.9%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SGRY+84%−48%+15%−34%−27%+50%
Industry peers (median)+17%−6%+9%+17%+31%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SGRY67%42%50%42%33%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SGRY−44%−64%−51%−44%−42%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 83% from June 25, 2021 to March 27, 2026. Getting back needed a 484% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$11.49 – $23.36
From 52-week high
−1.0%
vs 50-day average
+51.1%
vs 200-day average
+57.7%
Volatility (1 year)
70%
Beta vs S&P 500
0.82

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±7.1%
After a week
5 up, 7 down
typical move ±9.3%
After a month
5 up, 7 down
typical move ±10.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 −3.4% −0.3% −7.5% −9.1%
May 5, 2026 +2.7% +2.2% −1.6% −3.7%
March 2, 2026 −10.2% −0.8% −14.2% −23.1%
November 10, 2025 −26.8% +1.8% −30.0% −23.1%
August 5, 2025 +0.9% +0.3% +3.4% +0.7%
May 12, 2025 +3.5% +4.0% +6.5% +4.6%
March 3, 2025 −1.2% −2.9% −1.7% −2.5%
November 12, 2024 −18.9% −0.3% −27.6% −35.6%
August 6, 2024 −0.4% +0.2% +4.5% +7.9%
May 7, 2024 +6.1% +0.1% +5.3% +1.3%
February 26, 2024 −3.6% −0.2% −7.7% −11.7%
January 8, 2024 +7.1% +1.3% +2.1% +4.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Surgery Partners, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Surgery Partners, Inc.
$2.6B $2.8B $3B $3.2B $3.4B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.7B Revenue (TTM), FY23 Q4: $2.7B Revenue (TTM), FY24 Q1: $2.8B Revenue (TTM), FY24 Q2: $2.9B Revenue (TTM), FY24 Q3: $3B Revenue (TTM), FY24 Q4: $3.1B Revenue (TTM), FY25 Q1: $3.2B Revenue (TTM), FY25 Q2: $3.2B Revenue (TTM), FY25 Q3: $3.3B Revenue (TTM), FY25 Q4: $3.3B Revenue (TTM), FY26 Q1: $3.3B Revenue (TTM), FY26 Q2: $3.4B $3.4B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.7B
FY23 Q4 $2.7B
FY24 Q1 $2.8B
FY24 Q2 $2.9B
FY24 Q3 $3B
FY24 Q4 $3.1B
FY25 Q1 $3.2B
FY25 Q2 $3.2B
FY25 Q3 $3.3B
FY25 Q4 $3.3B
FY26 Q1 $3.3B
FY26 Q2 $3.4B
Revenue growth, TTM YoY Surgery Partners, Inc.
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 11.2% Revenue growth, TTM YoY, FY23 Q4: 8.0% Revenue growth, TTM YoY, FY24 Q1: 7.1% Revenue growth, TTM YoY, FY24 Q2: 8.5% Revenue growth, TTM YoY, FY24 Q3: 10.0% Revenue growth, TTM YoY, FY24 Q4: 13.5% Revenue growth, TTM YoY, FY25 Q1: 13.5% Revenue growth, TTM YoY, FY25 Q2: 12.0% Revenue growth, TTM YoY, FY25 Q3: 10.1% Revenue growth, TTM YoY, FY25 Q4: 6.2% Revenue growth, TTM YoY, FY26 Q1: 5.4% Revenue growth, TTM YoY, FY26 Q2: 4.0% 4.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 11.2%
FY23 Q4 8.0%
FY24 Q1 7.1%
FY24 Q2 8.5%
FY24 Q3 10.0%
FY24 Q4 13.5%
FY25 Q1 13.5%
FY25 Q2 12.0%
FY25 Q3 10.1%
FY25 Q4 6.2%
FY26 Q1 5.4%
FY26 Q2 4.0%
Operating margin (TTM) Surgery Partners, Inc.
10% 11% 12% 13% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 11.8% Operating margin (TTM), FY23 Q4: 12.0% Operating margin (TTM), FY24 Q1: 12.8% Operating margin (TTM), FY24 Q2: 11.9% Operating margin (TTM), FY24 Q3: 10.8% Operating margin (TTM), FY24 Q4: 11.2% Operating margin (TTM), FY25 Q1: 10.5% Operating margin (TTM), FY25 Q2: 11.2% Operating margin (TTM), FY25 Q3: 12.4% Operating margin (TTM), FY25 Q4: 11.8% Operating margin (TTM), FY26 Q1: 11.8% Operating margin (TTM), FY26 Q2: 11.4% 11.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 11.8%
FY23 Q4 12.0%
FY24 Q1 12.8%
FY24 Q2 11.9%
FY24 Q3 10.8%
FY24 Q4 11.2%
FY25 Q1 10.5%
FY25 Q2 11.2%
FY25 Q3 12.4%
FY25 Q4 11.8%
FY26 Q1 11.8%
FY26 Q2 11.4%
FCF margin (TTM) Surgery Partners, Inc.
5% 6% 7% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 5.4% FCF margin (TTM), FY23 Q4: 7.5% FCF margin (TTM), FY24 Q1: 6.2% FCF margin (TTM), FY24 Q2: 7.1% FCF margin (TTM), FY24 Q3: 5.5% FCF margin (TTM), FY24 Q4: 6.7% FCF margin (TTM), FY25 Q1: 5.5% FCF margin (TTM), FY25 Q2: 5.4% FCF margin (TTM), FY25 Q3: 5.9% FCF margin (TTM), FY25 Q4: 5.9% FCF margin (TTM), FY26 Q1: 6.2% FCF margin (TTM), FY26 Q2: 5.6% 5.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 5.4%
FY23 Q4 7.5%
FY24 Q1 6.2%
FY24 Q2 7.1%
FY24 Q3 5.5%
FY24 Q4 6.7%
FY25 Q1 5.5%
FY25 Q2 5.4%
FY25 Q3 5.9%
FY25 Q4 5.9%
FY26 Q1 6.2%
FY26 Q2 5.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 285 403 960 1,145 1,772 1,831 1,860 2,225 2,539 2,743 3,114 3,309 3,366
Gross profit 115 149 291 324 410 424 — — — — — — —
EBITDA 70 66 179 236 145 312 278 401 460 446 501 566 561
Operating income 58 51 145 196 78 236 183 302 345 328 349 390 384
Net income −9 −66 1 9 −206 −75 −116 −71 −55 −12 −168 −78 −89
Diluted EPS −$0.28 −$2.04 $0.04 $0.20 −$4.96 −$2.29 −$3.19 −$1.12 −$0.59 −$0.09 −$1.33 −$0.61 −$0.69
Growth (year on year)
Revenue — +41.7% +138.0% +19.3% +54.7% +3.4% +1.6% +19.6% +14.1% +8.0% +13.5% +6.2% +4.0%
EBITDA — −5.8% +172.2% +31.6% −38.5% +115.2% −11.1% +44.3% +14.7% −3.0% +12.4% +12.8% +7.4%
Operating income — −12.7% +184.9% +35.7% −60.4% +203.2% −22.4% +65.1% +14.2% −5.0% +6.3% +11.7% +6.1%
Margins
Gross margin 40.3% 37.0% 30.3% 28.3% 23.1% 23.1% — — — — — — —
EBITDA margin 24.6% 16.3% 18.7% 20.6% 8.2% 17.1% 14.9% 18.0% 18.1% 16.3% 16.1% 17.1% 16.7%
Operating margin 20.5% 12.6% 15.1% 17.2% 4.4% 12.9% 9.8% 13.6% 13.6% 12.0% 11.2% 11.8% 11.4%
Net margin −3.2% −16.3% 0.1% 0.8% −11.6% −4.1% −6.2% −3.2% −2.2% −0.4% −5.4% −2.4% −2.6%
Free-cash-flow margin 15.8% 3.5% 5.3% 7.5% 5.9% 3.1% 11.0% 1.3% 3.1% 7.5% 6.7% 5.9% 5.6%
Cash flow
Cash from operations 49 22 84 125 145 130 247 87 159 294 300 274 258
Capital spending 4 8 33 39 40 74 43 58 81 89 90 79 70
Free cash flow 45 14 51 86 105 56 204 30 78 205 210 196 188
Stock-based pay 0 1 8 2 9 10 13 17 18 18 33 15 10
Free cash flow after stock pay 44 13 44 84 96 46 191 12 60 187 176 181 178
Balance sheet
Cash 13 75 58 70 184 93 318 390 283 196 270 240 217
Total debt 0 1,361 1,286 1,475 2,328 2,596 2,877 2,958 2,634 2,804 3,405 3,735 3,751
Net debt (negative = net cash) −13 1,286 1,228 1,405 2,144 2,503 2,559 2,568 2,351 2,608 3,135 3,496 3,535
Diluted shares 32m 32m 37m 48m 48m 48m 49m 72m 92m 126m 126m 127m 128m
Returned to shareholders
Buybacks 0 3 0 0 2 0 0 — — — — — —
Total returned 0 3 0 0 2 0 0 — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $8.0bn
Short-term assets $1.1bnLonger-term assets $6.9bn
What it owes, and who funded it · $2.2bn
Short-term liabilities $579mShareholders' equity $1.7bn
  • Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $578m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $217m of cash against $3.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 218% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 272% to 218% over five years.
  • A year's operating cash flow covers at least 20% of debt $258m of operating cash flow against $3.6bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Surgery Partners, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.3%
year over year
Days sales outstanding
67 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care facilities
Last 12 months unless stated SGRY ACHC BKD CON PACS ENSG Median
Revenue, last 12 months $3.4bn $3.4bn $3.1bn $2.3bn $5.6bn $5.7bn $3.1bn
Revenue growth, last 12 months 4.0% 4.3% −4.4% 14.0% 15.2% 17.5% 14.0%
Revenue growth, 3-year average 8.1% 6.6% 1.0% — — 16.8% 8.1%
Revenue growth, latest quarter 2.7% −0.4% −11.6% 10.0% 9.1% 14.5% 8.6%
Gross margin 23.1% — 26.9% — — 21.2% 21.2%
Operating margin 11.4% 28.7% 3.5% 16.4% 7.4% 9.0% 9.0%
Operating margin, 3-year average 11.5% 23.7% 1.8% 15.9% 5.2% 8.0% 7.9%
Net margin −2.6% −33.4% −4.5% 8.7% 4.8% 7.0% 4.8%
Cash from operations / revenue 7.7% 6.3% 7.3% 14.7% 10.3% 12.3% 7.7%
Free-cash-flow margin 5.6% −4.0% 0.8% 11.7% 8.2% 10.1% 4.7%
Free-cash-flow margin, 3-year average 6.0% −9.5% −0.5% 10.2% 5.9% 8.1% 5.9%
Stock pay / revenue 0.3% 0.9% 0.4% 0.6% 1.3% 1.1% 0.6%
Change in share count 1.3% −1.1% 3.7% 1.6% −4.5% 1.3% 0.9%

Median of all 13 companies we cover in health care facilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

13 health care facilities companies
Measure Company Peer median Rank
Revenue growth Growth 4.0% 14.0% 12 of 13
Change in growth rate Growth -1.4pp -1.4pp 6 of 13
Operating margin Profitability 11.4% 9.0% 2 of 9
Net margin Profitability -2.6% 4.8% 8 of 13
Free-cash-flow margin Cash generation 5.6% 4.7% 6 of 13
Stock pay as % of revenue Cash generation 0.3% 0.6% 2 of 12
Long-term debt as % of assets Balance sheet 45.3% 37.7% 9 of 13
Change in share count Balance sheet 1.3% 0.9% 8 of 13
Days sales outstanding Balance sheet 67 days 48 days 11 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Healthcare Organization Patient Service $3.2B 97.5% ▲ 5.6%
Private Insurance $1.7B 52.3% ▲ 3.2%
Government Revenue $1.4B 42.8% ▲ 9.8%
Self Pay Revenue $87.6M 2.7% ▲ 6.4%
Other Patient Service Revenue Sources $71.2M 2.2% ▼ 12.2%
Other Services $82.4M 2.5% ▲ 37.6%

From Surgery Partners, Inc.'s 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.6B
Institutions reporting
187
Shares held vs prior quarter
▼ 0.8%
Positions opened / closed
32 / 27

Top buyers and sellers, Q2 2026: 105 institutions bought and 78 sold ; the biggest buyer was T. Rowe Price Investment Management, Inc (+4.0M shares) and the biggest seller King Street Capital Management, L.P (−4.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Bain Capital Investors LLC $839M 49.9M 31.7% 0.0%
Jupiter Topco LLC $233M 13.9M 8.8% —
Pentwater Capital Management LP $195M 11.6M 7.4% ▼ 8.1%
UBS Group AG $144M 8.6M 5.4% ▼ 15.9%
Blackrock, Inc. $105M 6.2M 4.0% ▲ 10.3%
King Street Capital Management, L.P. $102M 6.1M 3.8% ▼ 40.8%
T. Rowe Price Investment Management, Inc. $99.4M 5.9M 3.8% ▲ 203.4%
Dimensional Fund Advisors LP $83.1M 4.9M 3.1% ▼ 6.7%
Clearbridge Investments, LLC $64.2M 3.8M 2.4% ▼ 7.2%
Vanguard Portfolio Management LLC $62.8M 3.7M 2.4% ▲ 3.0%
Vanguard Capital Management LLC $59M 3.5M 2.2% ▲ 2.3%
Davidson Kempner Capital Management LP $56.1M 3.3M 2.1% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Surgery Partners, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $304,712 2 trades by 1 insider, last 12 months Insider sales History → $1.3M 12 trades by 6 insiders · 0% under pre-set plans
Net ▼ $979,346 net selling
Insider Date Trade Shares Price Value
Deluca Teresa Director August 18, 2026 Buy 10,000 $14.35 $143,500
Deluca Teresa Director August 18, 2026 Buy 11,250 $14.33 $161,212
Evans Jason Eric Chief Executive Officer March 16, 2026 Sell 20,400 $12.47 $254,388
Doherty David T Chief Financial Officer March 16, 2026 Sell 8,867 $12.50 $110,838
Brittenham Marissa Chief Strategy Officer March 13, 2026 Sell 3,657 $12.54 $45,859
Burkhalter Danielle Chief Human Resources Officer March 13, 2026 Sell 3,469 $12.83 $44,507
Baldock Jennifer Chief Admin & Dev Officer March 12, 2026 Sell 5,798 $13.17 $76,360
Brittenham Marissa Chief Strategy Officer March 6, 2026 Sell 8,785 $13.70 $120,354
Webb William Trenton American Group President March 6, 2026 Sell 272 $13.93 $3,789
Burkhalter Danielle Chief Human Resources Officer March 6, 2026 Sell 7,736 $13.60 $105,210
Baldock Jennifer Chief Admin & Dev Officer March 6, 2026 Sell 10,082 $13.70 $138,123
Doherty David T Chief Financial Officer March 6, 2026 Sell 14,574 $13.84 $201,704

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 9, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 5, 2026
  • March 2, 2026
  • November 10, 2025
  • August 5, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on Surgery Partners, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Surgery Partners, Inc. in brief

What does Surgery Partners, Inc. do?
Surgery Partners, Inc. is a US-listed company in the health care facilities industry. Its financial year ends in December.
What is Surgery Partners, Inc.'s stock ticker?
Surgery Partners, Inc. trades under the ticker SGRY on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Surgery Partners, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Surgery Partners, Inc. reported revenue of $3.4B, 4.0% higher than a year earlier, according to its SEC filings.
What is Surgery Partners, Inc.'s free cash flow?
Surgery Partners, Inc.'s free-cash-flow margin is 5.6% of revenue over the trailing twelve months, ranking 6 of the 13 health care facilities companies we cover.
Who are Surgery Partners, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Bain Capital Investors LLC, Jupiter Topco LLC and Pentwater Capital Management LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Surgery Partners, Inc.'s market cap?
On November 2, 2026, Surgery Partners, Inc.'s market capitalisation was about $3B and net debt of $3.5B. Market figures come from third-party market data and may be delayed.
How much debt does Surgery Partners, Inc. have?
Surgery Partners, Inc.'s debt-to-equity ratio is 218.4%, from its latest balance sheet (271.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Surgery Partners, Inc.'s competitors?
In our Health Care Facilities peer group, the companies closest to Surgery Partners, Inc. are Acadia Healthcare Company, Inc., Brookdale Senior Living Inc., Concentra Group Holdings Parent, Inc., Pacs Group, Inc. and Ensign Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Surgery Partners, Inc.'s.
Are insiders buying or selling Surgery Partners, Inc. stock?
Over the last 12 months, Surgery Partners, Inc.'s directors and officers reported 2 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
When is Surgery Partners, Inc.'s next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Surgery Partners, Inc. announces its own schedule.